A "CONTRACT FOR THE SALE AND PURCHASE OF REAL PROPERTY" in some states referred to a Land Contract or Contract for Deed is a written legal agreement used to purchase real estate; it is typically used in owner/seller financing.
This form can be used for traditional monthly installments or a balloon payment, which is common with seller financing, (example: three years payments with a balloon payment of $ ______. Or 15 years payment of $______) etc.)

LATE CHARGE: Any above noted payment which is at least days past due, shall be subject to a late charge of $ And an additional $ per day until the payment is received. If any balloon payment is late, it shall be subject to a late fee of $ per day.
IN ADDITION TO ANY OTHER REMEDIES available to the Lender if this Note is not paid in full at the Maturity Date, Borrowers shall pay to Lender an Overdue Loan Fee, which fee shall be due at the time this Note is otherwise paid in full. The "Overdue Loan Fee" shall be determined based upon the outstanding principal balance of this Note as of the Maturity Date and shall be:
(a) one percent (1.0%) Of such principal balance if the Note is paid in full on or after thirty (30) days after the Maturity Date but less than sixty (60) days after the Maturity Date, or
(b) two percent (2.0%) of such principal balance if the Note is paid in full on or after sixty (60) days after the Maturity Date.
A contract with stringent default terms can be beneficial to seller.

(Mississippi Contract for Sale Package includes form, guidelines, and completed example) For use in Mississippi only.

Back to Mississippi